Hi,
Parents and their adult child hold the rental as joint tenants.
1) After husband passed, does the rental get full Fair Market Value(FMV), or 1/3 of the FMV for the new depreciation basis? If wife and her adult child file tax separately, should each one has 50% of the new depreciation basis?
2) Wife passed few year later, does the rental get full FMV or 1/2 of the FMV for the new depreciation basis?
Thanks.
